DAILY TECHNICAL ANALYSIS FOR APRIL 08, 2022
EUR/USD
Current level – 1.0862
The euro lost some ground against the dollar, and during the early hours of today`s trading, the pair headed for a test of the support zone at 1.0848. A successful violation of the aforementioned level of support would strengthen the negative expectations for the future path of the EUR/USD for a move towards the levels at around 1.0820. If the bearish momentum fades and the bulls re-enter the market, then their first target would be the zone at 1.0900, followed by the resistance at 1.0967. However, only a successful breach of the higher level at 1.1060 would paint a more bullish picture for the common European currency.
The expected trend for today: Bearish
USD/JPY
Current level – 122.84
The positive sentiment remains unchanged despite the unsuccessful attack on the resistance zone at 124.13. The currency pair is trading closely under the mentioned level and a new breach attempt is the most probable scenario for today’s trading session. If the bulls are successful in their endeavour, then the rally will most likely continue towards the local high at 125.08. If a correction develops, then it should be limited to the level at 122.75 before the uptrend continues.
The expected trend for today: Bullish
GBP/USD
Current level – 1.3068
Neither the bears, nor the bulls managed to gain enough momentum and lead the Cable out of the zone between 1.3055 and 1.3094. At the time of writing, the pair is hovering just above the support at 1.3055 and the expectations are for a new test of the mentioned level. If the bears manage to breach this support, then the depreciation of the sterling will most likely continue towards 1.3000.. However, if the bulls manage to prevail and successfully breach the resistance at 1.3094 and the one at 1.3173, then we might see the Cable recover towards the level at 1.3289.
The expected trend for today: Bearish
Gold price within sideways track
Gold price fluctuates within sideways track in the previous sessions, noticing that stochastic overlaps negatively now, waiting to motivate the price to resume the expected bearish trend on the intraday basis, which targets 1890.00 level as a next main station.
Breaking 1925.35 is required to ease the mission of achieving the mentioned target, noting that breaching 1940.00 will lead the price to rise and test 1960.00 before any new attempt to decline.
The expected trading range for today is between 1900.00 support and 1950.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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